Daily Market Update

Daily Market Update

Daily Market Update Oil rallies but markets await US jobs news
World markets have been given some comfort from another 5 per cent rally in the oil price overnight but other economic concerns are dominating. Greece continues to put a drag on sentiment with no imminent solution to its debt problem and the effect that it is having on the Eurozone. In Asia investors were cautious ahead of today’s US Employment Situation data together with fading hopes of an aggressive new round of stimulus in China. Most Asia indexes ended the week lower with the exception of Tokyo and Sydney. European markets are lower so far this morning. US stock futures are edging higher; oil and gold are higher.
 
Today’s data
Employment Situation at 8.30am ET
Consumer Credit at 3.00pm ET
Aon, Harbinger Group and Moody’s are among those reporting earnings today.
 
Radio Shack files ch.11 and plans Sprint tie-up
Radio Shack has filed papers for Chapter 11 bankruptcy and also announced a partnership with Sprint that would see the Radio Shack name living on. The filing says that Radio Shack has debts of $1.39 billion and assets of $1.2 billion (at Nov. 1) and Sprint is one of the firm’s largest creditors with a claim of $6 million in trade debt. The proposed partnership would see stores with mainly Sprint branding but with the Radio Shack brand appearing within.
 
GoPro announces revenue boost but stocks fall
Shares in GoPro increased by 14 per cent in after-hours trading as figures showed better-than-expected revenue, up 75 per cent for the fourth-quarter with earnings up 33 per cent per share, but the stocks soon reversed by 15 per cent on weak predictions for first-quarter profit and the surprise departure of COO Nina Richardson.
 
Verizon announces asset sale
Verizon will sell $15.54 of assets in two separate deals it announced Thursday evening. Frontier Communications will buy Verizons local wireline business in 3 states for $10.54 billion while American Tower will buy 165 of its towers for $5 billion. Verizon also plans to buy back $5 billion of its shares in the second quarter of this year.